FACTBOX-Germany's plans to create trustee for Opel
BERLIN, May 27 (Reuters) - Germany's government plans to reach agreement on providing temporary financing for carmaker Opel if its parent, U.S. carmaker General Motors GM.N, files for bankruptcy. Here are some facts about the plans to set up a trustee arrangement for Opel.
THE AIM
The German government wants to protect Opel's assets from GM creditors if GM files for bankruptcy and to ensure Opel has sufficient cash to continue operating until a partner has been found for the brand. The bridge financing requirement will probably amount to 1 billion euros to 2 billion euros.
STRUCTURE OF THE TRUSTEE MODEL
GM's shares in Opel would be parked with a trustee, most likely in the name of an accountant or legal firm, until a sale of the brand is completed. Opel patents, which would be valuable assets for creditors, would also be placed with the trustee.
German media have reported that an advisory board would consist of two representatives each from the U.S. and German governments and there would also be a fifth "neutral person".
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